This post was written back in October, right after the October 23, 2008 Developer Happy Hour that was held at Ginter Place. I lost it for a period of time when my computer went whackadoodle, but I think it's still relevant. I've added a postscript at the end.
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The Richmond Times-Dispatch published an article on June 22, 2008 titled "Moving Up and Out: Ginter Place Turns Old Hospital Into New Homes." Private developers have turned the old Richmond Memorial Hospital, built in the 1950s, into an upscale, high-rise condominium project. The building has been empty since 1998, when its active hospital beds were transferred to the then-new Bon Secours Memorial Regional Medical Center.
I had an opportunity to go to a cocktail reception at Ginter Place last week, a monthly Real Estate Developer Happy Hour that has become a traveling road show to new projects in Richmond. Now, keep in mind that back in my law firm days, I did work as an attorney for Bon Secours Richmond, including some involvement with attempts to sell the Richmond Memorial Hospital property to various developers. So I know the issues this building had: asbestos, floor plans and room configurations that did not provide for an easy redesign, and the fact that financing any adaptive reuse project, particularly one on this scale, is a major bear. And as an example of the International Style of architecture, the building itself was a little...well....severe. Let's just say it is not the neoclassical exterior Richmonders seem to favor.
I really liked Ginter Place. Color me impressed. I think they have done an excellent job with the exterior of the building (especially love the swoop-y canopy and the stark "Ginter Place" lettering) and the floor plans of the units appear to be thoughtful and well-designed. Also, the project has some really cool amenities that other condominium projects in the Greater Richmond metropolitan area do not have, like underground parking and a "guest suite" that apparently functions like a hotel room and allows a condominium owner to reserve it for overnight guests, with only a nominal clean-up fee. Pretty ingenious idea, I think. I also loved certain little details, like the trash chute. I don't know why, I'm just weird that way. Finally, Ginter Place has extensive grounds and several additional buildings, including the Laburnum Mansion, all of which I understand will be developed into something complementary of the residential condominium portion of the project.
BUT....you knew there was going to be a "but," didn't you? BUT, are the units selling? If the design is good, the execution is good, and all objective, quantifiable trend data shows the demographic target market - which I presume to be down-sizing Baby Boomers in the Greater Richmond metro area - are increasingly buying into the "lock and leave" concept of condominium ownership, why hasn't Ginter Place sold like hotcakes, with high-end finishes, more amenities, gorgeous grounds?
I dunno. But I have some ideas.
- The real estate market is pretty daggone sucky right now, as if you hadn't noticed. I think many of the potential buyers of $250,000 - $500,000 condominiums have $600,000+ houses to sell. I suspect many of those folks have decided to wait on listing their current home, to hunker down and sit tight until the Spring and see if the market picks up.
- I'm not sure how many people KNOW about Ginter Place, notwithstanding some pretty hard-core print advertising. [ASIDE: That would be an interesting study, ask people on the street if they've heard of "Ginter Place" and if so, what it is].
- Even if suburbanites looking for City condos have heard of the project, are those suburbanites familiar with the Ginter Park neighborhood? I think there is much less name recognition for "Northside" or "Ginter Park" when compared to "Downtown" or "the West End." So, if a potential buyer is choosing between Ginter Place and a West End project like Lock Lane or Monument Square, or a Downtown project like Vistas on the James or Rockett's Landing, I think West End or Downtown will win nine times out of ten. That's NOT because any of those projects are a better PRODUCT, but only because of location. I think the Northside of the City, Area 30 in Realtor-speak, is overlooked when compared to Downtown, the Fan, the Museum District and the West End. So you have to overcome that identification and/or perceived locational disadvantage.
- I am not sure potential buyers think there is much of anything nearby. Walkability is a huge component of new urbanism, whether it's an adaptive reuse project like Ginter Place or one of those built-from-scratch projects I call "Faux Fans," like West Broad Village and Monument Square. But there is a TON of stuff nearby, from the Lewis Ginter Botanical Garden at one end of Lakeside Drive to the Virginia Museum on Boulevard, and everything in between. But if people don't THINK there is anything nearby, I suspect that is a problem.
[ASIDE: Why do streets in Richmond change names without ever changing course? Example = Boulevard becomes Hermitage which becomes Lakeside. I'm just curious].
I think many of these issues can be resolved, and misperceptions rebutted. And I really, really, REALLY want Ginter Place to succeed. I am a huge fan of any adaptive reuse project with a historic property, especially one on this scale, with a building that had so many complicating factors that must have added time and significant expense to the project. It is to EVERYONE'S advantage for a building like this to be put back into productive use, rather than to sit there empty and decaying.
I also know what a wonderful area Northside is. I spent most of my growing up years in Bellevue, and then later in Ginter Park. I even played at the playground at Thirteen Acres, which was....well....13 acres!...before Holton Elementary School was built on that site, at Hermitage, catty-corner and across from the statue of A.P. Hill. I remember Northside as a family-friendly neighborhood with wonderful historic housing stock, from the charming bungalows and capes and foursquares of Bellevue, to the grand mansions along Seminary Avenue. But for some reason this area is overlooked. Will it continue to be? I don't think so. But I do suspect there is a greater educational curve with a suburban buyer looking at Northside versus the Fan or Downtown, which gets more press.
[ASIDE: A.P. Hill is the only such statue that is not on Monument Avenue. How's that for a fun Richmond trivia fact?].
So, if you are in the market for a condominium, and want high-end appliances, an elevator, ample parking, great amenities, and a neat City neighborhood, please consider Ginter Place. At least take a look. I'm pretty sure you will like what you see.
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I wrote this post almost 2 months ago. I haven't changed my mind about most of my theories on why Ginter Place doesn't seem to be selling. BUT I think the proposed redevelopment of Boulevard, and what is already happening organically in that corridor without a massive project - Kitchen 64, Stronghill, Boulevard Theaters - is just evidence that Northside is on the verge. Be the first wave, get in on the ground floor!
I'm currently looking at Ginter Place condos and notice that a lot of units are empty. I feel they are a bit overpriced, which is what is holding us back. But I love the Northside, and am in love with Bellevue, so I think the property is ideal. I'm hoping that we can negotiate a lower price and get in there! Thanks for the article
Posted by: Brook V. | January 05, 2013 at 11:58 AM